US Treasury Sanctions BitBank Over Alleged Bitcoin Transfers to IRGC

The US Treasury has imposed sanctions on Iranian digital asset exchange BitBank and its developer for allegedly facilitating hundreds of millions of dollars in Bitcoin transfers to the Islamic Revolutionary Guard Corps (IRGC). The sanctions, issued under Executive Order 13902, also targeted three associates linked to financier Babak Zanjani, who controls BitBank.

This move is part of a broader campaign to block cryptocurrency-based financing of the Iranian regime. The sanctions block US property interests of the designated parties and warn that non-US persons dealing with them may face penalties.